WASHINGTON, D.C.: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound, thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told Agence France-Presse.
But President Joe Biden‘s Treasury chief struck a confident note on the broader outlook for the US economy, which despite two years of pandemic upheaval has avoided the catastrophic damage seen in the wake of the 2008 global financial crisis.
However, Yellen said most Americans overlook the problems that were avoided, thanks to massive government aid, which underpinned a rapid recovery in employment after millions of jobs were lost at the start of the pandemic.